Perimeter Solutions (PRM) Q4 2025 earnings summary

Executive summary

• Achieved higher structural earnings power and improved financial consistency in 2025, driven by operational value drivers, M&A, and a shift to more fixed and recurring contract structures.

• Net sales for 2025 rose 16% year-over-year to $652.9M, with Fire Safety up 12% and Specialty Products up 31%.

• Adjusted EBITDA increased 18% to $331.7M for the year; adjusted EPS rose to $1.34 from $1.11 in 2024.

• Major acquisitions included IMS, NMT, and the $685M MMT deal in January 2026, adding $140M revenue and $50M adjusted EBITDA.

• Specialty Products faced operational and safety challenges at the Sauget plant, impacting results and prompting legal action.

Financial highlights

• Consolidated 2025 revenue grew 16% to $652.9M; adjusted EBITDA rose 18% to $331.7M.

• Full-year GAAP loss per share was $1.37; adjusted EPS increased 21% to $1.34.

• Q4 revenue was $102.8M (up 19%); Q4 adjusted EBITDA was $36.0M (up 9%).

• Fire Safety revenue for the year was $489.0M (up 12%), with adjusted EBITDA of $290.5M (up 21%).

• Specialty Products revenue reached $163.9M (up 31%), with adjusted EBITDA of $41.2M (up 3%).

Outlook and guidance

• Expect continued improvement in earnings predictability and growth, supported by new contract structures and secular growth drivers in fire safety.

• MMT acquisition expected to contribute $140M in revenue and $50M in adjusted EBITDA annually, with meaningful year-over-year growth in 2026.

• Annual interest expense projected at $75M; capital expenditures expected at $30–$40M per year; cash tax rate expected to be 20% or better.

• Focus on value driver execution and portfolio expansion through organic growth and acquisitions.